California lawmakers have proposed spending billions more in cap-and-trade money than is likely to be available, according to a report compiled by an advocacy organization critical of the climate program.
Under the state’s system for curbing greenhouse gases, businesses must buy emissions credits. Revenue from those auctions flow into a state fund that can be used for projects that further reduce carbon emissions. A previous budget deal dedicated much of the money to affordable housing, transit and the high-speed rail project.
Gov. Jerry Brown and legislators have not yet agreed on how to spend what Senate budget officials estimate to be over $2.7 billion available this year, having agreed during budget talks to divide up the cap-and-trade fund later.
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